Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsEconomics : An Introduction2 Marks
Question
What is an economic activity? Give example.
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Answer
“With the objective of satisfying human wants for the exchange of goods and services, income earring or spending activity carried out by human is calls economic activity.”
There are three main components of economic activity :
Income,
Expenditure,
Exchange.
With the expectation of reward of something whatever activity is carried out by human is known as economic activity.
Economic activity is involved with the exchange of goods or services. E.g.
Farmer does agriculture activity and produces the food grain.
After selling it he earns the income and satisfies his wants with spending.
In short, the activity of farmer, involves all three components of income, expenditure and exchange, thus it is economic activity.
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